Bitcoin Candlestick Chart
JANUARY 10, 2020 / 10:44 UTC
LONDON (Fintech Zoom) – 5 Bullish Candlestick Patterns – The two (2) horizontal lines in Bullish Candlestick Patterns represents the buy level and the stop loss.
This patterns serves as an indicator to traders on when prices are low so as to purchase and also when the prices are high, in order not to purchase at a high price.
Five (5) Bullish Candlestick pattern are;
- Bullish Hammer:
This pattern usually happens during a downtrend. Its feature is a single candlestick pattern with a long lower shadow. The hammer’s body serves as the confirmation level and prices are expected to exceed this level for verification.
- Bullish Belt Hold:
This is a single candlestick pattern which occurs during a downtrend. The Bullish Belt hold is characterized by the absence of a lower and upper shadow.
- Bullish Piercing Line:
This pattern has a bottom reversal pattern with two candlesticks, a white and a black. The black candlestick is usually seen in the first day during a downtrend. The white candlestick is below the black and appears on the second day.
- Bullish Doji Star:
There is only candlestick in this pattern and it is black, this pattern cautions that there will be a change to the market trend. A Doji is present below the black candlestick and there can be two different forms of Doji; an umbrella pattern, known as Bullish Dragonfly Doji and an inverted umbrella pattern, referred to as bullish Gravestone Doji. The validation level is at the centre of the Doji and the preceding black candlestick.
- Bullish Homing Pigeon:
There are two black candlesticks in this pattern whereby the first engulfs the second black candlestick.
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